Date
19 October 2017

Suntech solar-panel factories to keep operating, WSJ says

Suntech Power Holdings Co., mired in more than US$2.3 billion in debt, will pay back about 30 percent of what it owes to Chinese creditors in a deal that also allows it to keep its solar-equipment factories running under new management, the Wall Street Journal reported Sunday. United States creditors are owed more than US$500 million in Suntech convertible bonds but it is not clear whether they will recoup their investment, the report said. Shunfeng Photovoltaic International Ltd., a smaller rival of Suntech, said Sunday that a court in Suntech’s hometown of Wuxi approved Shunfeng’s purchase of Suntech’s main assets in China, the report said. A Shunfeng spokeswoman said the company is not available for comment.

– Contact HKEJ at [email protected]

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